Crude futures stall in Asian trading on Monday halting the growth from last week as traders are gradually shrugging off after coup attempt in Turkey, while slack in US Dollar and upbeat economic data from the United States provided minor support to the energy prices.
Brent futures rose 0.17% to $47.70, US Oil gained 0.02 percent to $ 46.66 level.
Prices dipped on investors’ safety move after military coup attempt in Turkey which threatened to cause instability in the region and break supplies through Bosphorus strait which accounts for about 3 percent of global supplies. Some loading ports in Caspian Sea halted operation in Friday but reopened for servicing tankers in Saturday after rebellion were curbed.
Greenback sank to a basket of currencies in early trading as intraday appeal to the risk assets grows amid no gloomy events due on Monday. Upbeat economic data from the United States and China – the world’s largest economies, published on Friday also supported prices on risk assets.
Retail sales in the United States in June grew by 0.6 per cent compared with the previous month, industrial production also added to optimism towards recovery of US economy with 0.6% growth in June, reported the Ministry of Commerce and the Federal Reserve. However, Morgan Stanley fueled worries regarding longer-term forecast of oil consumption, stating in the report that the demand for petrochemical products instead of fuels, such as diesel and gasoline, worsens the outlook for oil demand. Prices saw no sizable response to the report.